Financial Daily from THE HINDU group of publications
Tuesday, Dec 07, 2004
Financial Daily from THE HINDU group of publications Tuesday, Dec 07, 2004 |
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Marketing
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Retailing Industry & Economy - Foreign Direct Investment Open retail sector for FDI: AT Kearney Our Bureau
New Delhi , Dec. 6 OPENING up the retail sector to foreign direct investment (FDI) and according it an industry status were among some of the essential measures that this sector of the economy needs, according to management consultant, AT Kearney. Addressing a session on `Retailing: The right time for global players' at the India Economic Summit here, Mr Joshua Chernoff, Vice-President, AT Kearney, USA, said that retailing has great potential in India if the sector is opened up for FDI. He said a global study by AT Kearney has shown that India is moving up the ranking ladder rapidly and is an attractive market. Speaking on the occasion, the Vice-President, RPG Enterprises, Mr Sanjiv Goenka, said organised retailing has grown to two per cent of the total market but the sector is still dominated by `kirana' stores and street vendors. He said a study by the Confederation of Indian Industry has shown that organised retailing would add 1-lakh persons to the tax-paying category over the next five years. The CEO of Alshaya Group, Mr Mohammad Alshaya, said that franchising is the way ahead for the Indian retail industry.
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